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An Introduction to Trading In the Financial Markets: Technology: Systems, Data, and Networks by R. Tee Williams

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Introduction

One of the most dramatic changes in the trading markets has been the creation of linkages among different entities permitting seamless processing and data transfer. Most of the major types of networks we describe in this part evolved from bespoke communications linkages developed for specific purposes, often at great cost.

From the 1850s through the 1980s, the two earliest forms of networks were telephones and market data developed in parallel. Most brokerage firms had phone connections directly to the floors of major exchanges, to customers, and to important counterparties. International connections replaced phones with telex or Teletype machines. Most market-data transfer was point-to-point over closed networks first to ticker machines, ...

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